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What is Bitcoin Genesis Block? Explained

Since the inception of bitcoin, it has come a long way and is still going strong. Over the last decade, bitcoin has gone under several changes as it continues to work towards its mainstream adoption. In this article, we take a look at the leading cryptocurrency’s genesis block and how things got started. Crypto genesis software offers an easy and safe way to purchase hash power without having to deal with the complex hardware setup.

The genesis block was mined 11 years ago.

Bitcoin is over 11 years old as its first block was mined on 3rd January 2009. Bitcoin’s elusive creator Satoshi Nakamoto mined the first Bitcoin block known as the “genesis block” or Block#0. This block marks the very start of the Bitcoin blockchain. Since then, bitcoin has come a very long way as a new block is mined every 10 minutes.

Bitcoin Genesis Block

50 bitcoins were rewarded for mining the genesis block

The genesis block mined by the creator of bitcoin himself Satoshi Nakamoto contained just one transaction, and 50 bitcoins were rewarded for mining it. At today’s price, 50 bitcoins are worth over four and a half million US dollars. Currently, the reward for mining a block on bitcoin blockchain is 12.5 BTC, and it will decrease to 6.25 after the next halving event. Read More...